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FTA to lift luxury cars, says BMW CEO

BMW Group India CEO Hardeep Singh Brar has said the proposed India–European Union Free Trade Agreement (FTA) could help grow India’s small luxury car market by making imported premium vehicles more accessible. He noted that lower import duties would allow global automakers to introduce a wider range of models and gradually expand the segment, which currently accounts for barely one per cent of India’s total passenger vehicle sales.

According to Brar, reduced tariffs on completely built units (CBUs) could help brands test new products and respond better to evolving consumer preferences. However, he cautioned that growth would be steady rather than sudden, as India remains a highly price-sensitive market.

The comments come as India and the EU move closer to finalising a long-pending trade pact that is expected to sharply cut import duties on European cars. At present, imported vehicles attract customs duties ranging from 70 per cent to over 100 per cent, significantly pushing up prices and limiting volumes. Under the FTA, tariffs are likely to be reduced in phases, with duties potentially dropping to as low as 10 per cent for a fixed annual quota of imported vehicles.

Industry experts say the proposed changes could benefit European brands such as BMW, Mercedes-Benz, Audi and Volkswagen, which have struggled to scale up sales in India due to high costs. Lower duties could make some luxury models more competitively priced and broaden customer choice, particularly in the premium end of the market.

However, analysts also warn that the impact of the FTA may be limited largely to the luxury segment. Mass-market cars are mostly manufactured locally and remain extremely price sensitive. Even with tariff cuts, imported vehicles may still face challenges such as high logistics costs, regulatory compliance requirements and currency volatility.

The agreement is expected to include safeguards like import quotas to prevent a sudden surge of foreign vehicles and protect domestic manufacturers. This balance is seen as critical, given India’s strong focus on local manufacturing and employment generation.

Beyond pricing, auto industry leaders believe the India-EU FTA could encourage deeper collaboration in areas such as advanced automotive technology, electric mobility and safety standards. While the deal may not immediately transform the market, it is widely viewed as a long-term opportunity to strengthen India’s integration with global auto supply chains.

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IMF Chief warns AI could impact 40% of global jobs

The International Monetary Fund (IMF) has warned that artificial intelligence could dramatically reshape the global job market. IMF Managing Director Kristalina Georgieva described AI’s rapid rise as a “tsunami” sweeping through the workforce, transforming jobs faster than governments and societies are ready for. Speaking at the World Economic Forum in Davos, she urged policymakers and businesses to act quickly to manage the challenges and risks posed by AI.

According to IMF analysis, up to 60% of jobs in advanced economies and about 40% of jobs globally could experience significant change due to AI in the coming years. While some jobs will benefit, seeing productivity and wages rise as AI complements human work, many roles, especially those involving routine tasks, are at risk of automation.

Entry-level positions are particularly vulnerable. These roles, often the first step for young workers entering the labor market, involve repetitive tasks that AI systems can perform efficiently. This could make it harder for graduates and young professionals to secure meaningful employment and gain early career experience.

Middle-income workers are also likely to face disruption. Positions that do not see productivity gains from AI may experience stagnant wages, slower hiring, or even elimination, widening the gap between high-skill, high-paying jobs and others. Georgieva highlighted that, while a small share of workers already benefit from AI, about one in ten jobs in advanced economies, the majority could face uncertainty without proper planning.

The IMF chief stressed that governments are lagging in creating rules, safeguards, and social policies to manage this transformation. She urged policymakers, educators, and business leaders to act quickly to ensure that AI adoption is inclusive and equitable, minimizing risks to the workforce while maximizing productivity gains.

“AI is for real, and it is transforming our world faster than we are getting a handle on it,” Georgieva said. The warning serves as a call to action for nations to prepare for significant structural shifts in the labor market and to implement strategies that protect vulnerable workers while supporting adaptation to the new AI-driven economy.

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Jayant Acharya maps ₹2 lakh cr JSW Steel growth

JSW Steel, one of India’s top private steelmakers, has unveiled an ambitious ₹2 lakh crore investment plan to expand its production capacity by 25 million tonnes by the financial year 2030–31. The announcement was made by Jayant Acharya, Joint Managing Director and CEO, underlining the company’s focus on long-term growth and market leadership.

The investment will raise JSW Steel’s output from the current 34–35 million tonnes per annum (MTPA) to over 55 million tonnes by FY31. The plan includes building new greenfield plants, upgrading existing facilities, adding downstream units for value-added products, and adopting advanced technologies to boost efficiency.

A flagship project is a 5 MTPA plant in Paradip, Odisha, complemented by expansions at the Vijayanagar plant in Karnataka and a green steel facility in Salav, Maharashtra. These projects collectively aim to enhance JSW Steel’s production capability and meet rising domestic demand.

The company plans to fund most of the expansion through internal cash flows, supplemented by careful debt management. Strategic collaborations, including a joint venture with Japan’s JFE Steel, are expected to support operational efficiency and smooth execution of the projects.

Despite global steel price volatility and challenges such as Europe’s carbon border adjustment measures, JSW Steel remains optimistic. Domestic steel demand is projected to grow by 11–13 MTPA over the next two years, providing a robust market for the increased production.

The investment reflects JSW Steel’s commitment to leading India’s steel sector, leveraging infrastructure growth, industrial demand, and green steel initiatives. By investing in capacity and modern technology, the company aims to stay competitive while supporting India’s growing steel requirements.

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Arijit Basu named part‑time chairman of IndusInd Bank

IndusInd Bank has appointed Arijit Basu, former Managing Director of the State Bank of India (SBI), as its new Part‑Time Chairman and Non‑Executive Independent Director, effective January 31, 2026. His term will run for three years, subject to shareholder approval and regulatory compliance.

Basu succeeds Sunil Mehta, whose term ends on January 30, 2026. Mehta, who has led the board since January 2023, opted not to seek reappointment. The transition has been approved by the bank’s board and the Reserve Bank of India (RBI).

Before joining IndusInd Bank, Basu was Chairman of HDB Financial Services, the non‑banking finance subsidiary of HDFC Bank, a role he resigned from to take up the new position. Basu’s career spans several decades in banking and financial services, including leadership roles as MD of SBI and CEO of SBI Life Insurance Company.

He holds a master’s degree from the University of Delhi and professional banking qualifications, and currently serves on multiple corporate boards and as an advisor to international financial firms. His appointment is expected to strengthen the bank’s governance and strategic oversight.

The move comes at a critical juncture for IndusInd Bank, which has faced financial pressures and regulatory scrutiny following accounting irregularities disclosed in 2025. The lender reported a 91% year‑on‑year decline in net profit, falling to ₹128 crore in the December quarter, due to higher provisions and lower interest income.

Basu’s appointment is seen as a step to restore stakeholder confidence, enhance governance, and guide the bank through restructuring efforts. IndusInd Bank has stated that Basu is fully eligible to hold directorship without regulatory disqualifications.

Industry experts note that his extensive experience across banking, insurance, and corporate governance positions him well to help IndusInd navigate its current challenges while focusing on long-term growth. With Basu at the helm, the bank aims to stabilize operations, improve investor trust, and reinforce its strategic direction in India’s competitive banking sector.

Also Read: IndusInd Bank Q3 net profit drops 91% to ₹128 cr

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SAT orders ₹100 cr deposit for Avadhut Sathe

The Securities Appellate Tribunal (SAT) has granted partial relief to trading educator Avadhut Sathe and his Avadhut Sathe Trading Academy (ASTA) in an ongoing case with market regulator SEBI, directing them to deposit ₹100 crore while allowing the regulator’s probe to continue.

SEBI had passed an interim order in December alleging that Sathe and his academy were providing unregistered investment advisory and research analyst services in the guise of trading education. According to SEBI, the academy collected nearly ₹601 crore from more than 3.3 lakh participants through various courses and programmes. The regulator barred Sathe and ASTA from accessing the securities market, froze bank and demat accounts, and ordered the impounding of about ₹546 crore, which it termed unlawful gains.

Challenging the order before SAT, Sathe argued that his academy only offered educational services and did not provide stock tips or investment advice. He also contended that SEBI’s action was excessive and was taken without giving him a proper hearing.

In its ruling, the SAT bench acknowledged that SEBI had made out a prima facie case warranting further investigation. However, it said the full amount sought by SEBI need not be secured at this interim stage. The tribunal noted that significant sums had already been paid by the academy in the form of income tax and GST, and that the group also owned fixed assets of substantial value.

Balancing these factors, SAT directed Sathe and ASTA to deposit ₹100 crore in a fixed deposit, with a lien marked in SEBI’s favour. The tribunal also restrained them from selling or creating third-party rights over their fixed assets during the pendency of the proceedings.

The order provides conditional relief: once the ₹100-crore deposit is made and a compliance affidavit is filed, restrictions on bank accounts and certain market-related prohibitions will be eased. However, the tribunal did not quash SEBI’s interim order or its findings, making it clear that the investigation and adjudication process will continue.

SAT also granted the academy time to submit its reply to SEBI’s show-cause notice. The regulator will proceed with further action based on the outcome of the ongoing inquiry, keeping investor protection at the centre of the case.

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AI may replace engineers soon, says Anthropic CEO

At the World Economic Forum in Davos, Dario Amodei, CEO of AI firm Anthropic, warned that artificial intelligence could soon take over many tasks currently performed by software engineers. He said some engineers at his company no longer write code manually, instead relying on AI models to generate and refine it.

Amodei suggested that as AI systems improve, they could handle most coding tasks, including planning, debugging, and deployment, possibly within the next six to twelve months. However, he noted that certain areas, like hardware production and AI training infrastructure, still require human intervention.

His comments have sparked debate online, especially regarding H‑1B visa workers. Some observers suggested that if AI can automate coding, traditional tech roles, particularly for foreign workers, could be at risk. Others stressed that AI is not yet capable of fully replacing engineers, especially for complex problems and legacy systems that demand human insight.

 Amodei’s forecast highlights the fast pace of AI development and its potential to reshape the global workforce, prompting discussions among businesses, engineers, and policymakers about how to adapt to this new era.

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Deepinder Goyal steps down as Eternal CEO

Deepinder Goyal, founder and Chief Executive Officer of Eternal Limited, has announced his decision to step down as CEO with effect from February 1, 2026. The company’s board has approved the appointment of Albinder Dhindsa, currently CEO of quick-commerce platform Blinkit, as his successor.

Goyal will continue to remain associated with Eternal in a strategic capacity and is set to take on the role of Vice Chairman and Director, subject to shareholder approval. In this role, he will focus on long-term vision, governance and new initiatives, while moving away from daily operational responsibilities.

In his communication to stakeholders, Goyal said the decision was driven by his desire to explore new ideas and undertake higher-risk experimentation that is difficult to pursue while running a large, listed company. He added that separating operational leadership from strategic oversight would help Eternal maintain sharper execution as it scales its businesses.

Eternal is the parent company of Zomato and Blinkit and has been expanding its footprint across food delivery and quick commerce. The leadership change comes at a time when the company has reported strong financial performance, with steady growth in revenues and profitability in recent quarters, supported by improved efficiencies and rising demand across its platforms.

Albinder Dhindsa’s elevation is seen as a move towards leadership continuity. Since joining the group, Dhindsa has played a key role in building Blinkit into a major quick-commerce player following its acquisition. As Group CEO, he will oversee day-to-day operations, execution of business strategies, and coordination across Eternal’s various verticals.

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Coursera cofounder urges India to boost AI skills

India faces a pressing need to train its workforce in artificial intelligence (AI) to avoid job disruption, particularly in its large IT services industry, says Andrew Ng, cofounder of Coursera and founder of DeepLearning.AI. Speaking at the World Economic Forum, Ng said the $280 billion IT sector could lose ground if professionals fail to adopt AI tools quickly.

Ng explained that AI is increasingly capable of handling tasks once done by humans, including coding and software development. “Today, I would not hire a software engineer who isn’t skilled in AI tools,” he said. He also highlighted that AI skills are becoming essential beyond technical roles—marketers, HR professionals, and others now need to use AI to remain productive.

The situation presents both a challenge and an opportunity for India. Rapid upskilling could help the country maintain its global competitiveness, while lagging behind may lead to job losses. Ng emphasised that structured training programs are crucial to prepare workers for these changes.

Ng also addressed the hype around artificial general intelligence (AGI), warning that current AI models, while powerful, are far from human-level reasoning. Overstating their capabilities could mislead students and business leaders.

He added that CEOs and other leaders should also learn about AI to make informed decisions and drive effective projects. Ng’s advice is clear: India must focus on practical AI skills to secure its workforce and future growth.

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S4Capital chief praises India at WEF 2026, Davos

At the World Economic Forum (WEF) 2026 in Davos, global advertising veteran Sir Martin Sorrell offered strong praise for India’s economic performance and political leadership, describing the country as a rare “pocket of growth” in an otherwise uncertain global environment.

Speaking on the sidelines of the annual summit, the S4Capital chairman said Prime Minister Narendra Modi is “on fire”, crediting his leadership for sustaining India’s growth momentum at a time when several major economies are struggling to expand. Sorrell pointed out that India is expected to grow at around 6 percent, significantly higher than the global average, which remains below 3 percent.

Comparing India with other major economies, Sorrell noted that growth in the United States is likely to remain in the range of 2.6 to 2.8 percent, while China is projected to grow at about 5 percent. Against this backdrop, India stands out as one of the fastest-growing large economies, strengthening its appeal to global investors and businesses looking for stability and scale.

Sorrell said India’s strong economic fundamentals, combined with its demographic advantage and expanding digital ecosystem, make it an attractive alternative within Asia. He described the country as a “beacon of growth” and a natural destination for companies seeking long-term opportunities amid geopolitical and economic uncertainty.

The S4Capital chief also highlighted the growing visibility of Indian corporate leaders at Davos, noting that executives from leading Indian groups are increasingly confident, outward-looking, and active on the global stage. According to him, this rising presence reflects India’s growing influence in global business and policy discussions.

On the diplomatic front, Sorrell praised Modi’s handling of international relationships, particularly with the United States, saying the prime minister has managed global expectations effectively while strengthening India’s brand abroad. Drawing from his background in branding and communications, Sorrell said India’s current global positioning is strong and largely positive.

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Ola Electric CFO quits, Deepak Rastogi takes over

Ola Electric, the Indian electric two‑wheeler maker, announced a key leadership change as Chief Financial Officer (CFO) Harish Abichandani resigned, and Deepak Rastogi was appointed as his successor, effective January 20, 2026. The company informed stock exchanges of the development through an official filing on Monday.

Abichandani, who joined Ola Electric in late 2023, stepped down citing personal reasons. In his resignation letter to CEO Bhavish Aggarwal, he thanked the leadership and board for their support and described his tenure at Ola as a “wonderful experience.”

The board of Ola Electric approved Deepak Rastogi as the new CFO on January 19. Rastogi, a chartered accountant with over 30 years of experience, has held senior finance positions in companies like Tata AutoComp Systems, The Timken Company, DuPont, Castrol, Alcatel, and Raymond. His expertise spans capital markets, strategic planning, governance, IPOs, and cross-border mergers and acquisitions.

This leadership change comes amid a period of executive turnover at Ola Electric, with several senior leaders leaving over the past months, including heads of marketing, technology, and cell operations.

Since its public launch in 2024, Ola Electric has faced increased competition in India’s electric two‑wheeler market. Sales growth has slowed, and rivals have expanded their offerings, prompting the company to revise its revenue outlook and strengthen its operations.

Rastogi’s appointment is expected to bring stability to the company’s financial leadership and support Ola Electric as it navigates operational and market challenges. The company hopes that his extensive experience in strategy and finance will help it sustain growth and maintain investor confidence.

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